Income Tax - company is providing Voluntary Separation Scheme
2 years ago
My company is providing Voluntary Separation Scheme for those employee who want to take it. In exchange of it, they are offering a lumpsum amount. In my case the lumpsum amount is 20Lacs. This is before tax deduction. As per tax slabs, after tax deduction, the final amount would be 16Lacs. 4Lacs will be deducted from whole amount. Is there any way I can save those 4Lacs?
A.Dear Client,
Any amount received / receivable by a specified category of an employee under the voluntary retirement scheme or under the voluntary separation scheme is exempted under section 10(10C) of the Income Tax Act.
Hope this clarifies your query and requirement.
Thank you.
Any amount received / receivable by a specified category of an employee under the voluntary retirement scheme or under the voluntary separation scheme is exempted under section 10(10C) of the Income Tax Act.
Hope this clarifies your query and requirement.
Thank you.
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